MARKETING TIP #134
Create a Competitive Advantage
Most companies do not know what their competitive advantage is and why their buyers select them. There are five mistakes that companies make regarding their competitive advantage that, when corrected, will make a huge impact on closing deals, retaining clients and leaving their competitors in the dust.
Here are the Five Fatal Flaws of most companies:
- They don't have a competitive advantage but they think they do. They haven't checked with customers to find out why their customers buy from them and they make huge assumptions about service, price and quality - all of which are just a ticket into the competitive arena and rarely a competitive advantage.
- They have a competitive advantage but don't know what it is - so they lower prices instead. Assuming that people will only buy on price will get you in big trouble and you'll leave millions on the table. Do the hard work of finding out what your customer sees as your competitive advantage and then make it even better.
- They know what their competitive advantage is, but neglect to tell their clients about it. Communication is all about repetition and frequency – saying your message over and over and over again.
- They mistake "strengths" for competitive advantages. If your strengths are also strengths that your competitor has, then you haven't achieved an advantage. A competitive advantage has to give you a distinct "leg up" on the competition, and actually be the reason why you close more sales.
- They don't concentrate on competitive advantages when making strategic and operational decisions. Most of us get so internally focused that we lose sight of what makes us strong competitors. As a result, many companies lose their competitive edge and don't know why.
Talk to you soon,
President - North Star Marketing, Star Speakers
Award-winning Author, Speaker
for our Marketing Tips